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Time traveling adventure game by Level-5. The game is directed by Jiro Ishii, known for his work on Chunsoft's 428: Fuusa Sareta Shibuya de. So people who like adventure game, like 428, 999 and others should be looking forward to this one. As for platform currently it is only confirmed for 3DS, PSP and PSVita. make sure to watch the PV below to get hyped for this title. If you click on the homepage you can see more info on the story; characters, including screenshots; and other things.

Depends, couple of months back L5ia ran a poll on their facebook page, think time travelers rank OK(4th), beaten by more known IPs like Layton, ace vs Layton and Ni no Kuni.
Thing is, who is going to publish it. At the moment it seems that L5 have set aside their plans to publish games out side japan themselves, and it is confusing. Examples would be White Knight Chronicles II, which is published in EU and JPN by sony, but in NA by D3 Publisher; Ni no Kuni, published by L5 in japan, but by Namco-Bandai elsewhere.
So the more noise people make, better change it gets localised. Just spam their facebook page and show some support for the game.

Since it's level-5 it probably has a better chance, the bigger question would be "when?"

Unlikely to be anytime soon, I'd guess. The layton games are far more popular and they still have the 3DS one to bring over. That said I would really like to see this localised, this looks really good. I love time travel stories.